The man and his company have been put into receivership in federal district court in Tennessee because enough customers and potential customers finally caught on to their essential dishonesty. And the resolution of an $80-million class-action suit against Bates and FAMC still hangs over them like the sword of Damocles.
But still, heartbreaking news continues to stream in of more individuals that Bates managed to cheat before his business reached its just end.
I'm posting two true stories here that deeply upset me. A woman contacted me recently after her father transitioned. While organizing her mother's affairs, she saw some statements from FAMC that went back all the way to 2009.
Without a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
These people ever received only a few coins of what they bought. It's true that they had asked FAMC to store their metals for them. But why can't FAMC produce those metals now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
These two rip-offs alone amount to a staggering total of $4 million.
These are among the indications that FAMC may have been running a Madoff-style Ponzi scheme as well as ripping off its customers in many other ways " all under the evil guise of a Christian" financial counseling company that could be trusted.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, Faith Through the Flames".
But still, heartbreaking news continues to stream in of more individuals that Bates managed to cheat before his business reached its just end.
I'm posting two true stories here that deeply upset me. A woman contacted me recently after her father transitioned. While organizing her mother's affairs, she saw some statements from FAMC that went back all the way to 2009.
Without a word to their kids, this couple had actually gone ahead and provided Bates' business a half-million bucks. They purchased that value of gold from FAMC, but up to the present time, they have actually not received any of it.
These people ever received only a few coins of what they bought. It's true that they had asked FAMC to store their metals for them. But why can't FAMC produce those metals now?
The other story is of a woman who cares for her quadriplegic son who was awarded a large sum of money from an accident that injured him for life. They sent several hundred thousand dollars to Bates back in 2008 and have yet to receive their metals.
These two rip-offs alone amount to a staggering total of $4 million.
These are among the indications that FAMC may have been running a Madoff-style Ponzi scheme as well as ripping off its customers in many other ways " all under the evil guise of a Christian" financial counseling company that could be trusted.
The more I learn, the more horrified I become. As I pay attention to these stories of calamity, I am appalled at the level of iniquity involved. All of this bring up another memory of yet another business owner, additionally someone professing to be a devout Christian. This person took half-a-million dollars and my business away from me and my husband. This happened twenty years back and it's in my biographical publication, Faith Through the Flames".
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Want to find out more about precious metal investing, then visit Anne Trimble's site on how to buy gold and silver.
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